Good deal or bad deal?

[Jennifer Jones]

We have a friend who is behind on his mortgage and unable to catch back up. We have the opportunity to purchase the house he is living in for the amount owed to the bank $120,000 the house is worth approximately 150,000. Obviously we would have inherited tenants who are known for not paying their mortgage. Do you think it's worth it to buy the property since it has equity? What would the monthly rent need to be set at? Has anyone ever done this?